<<I am looking for a single premium (rollover) instrument that will let me begin immediate withdrawals (monthly) without haveing an early withdrawl penalty or without having to wait 5 years to begin withdrawls. We are both over 60.>>

I don't know what your question is here. At age 60, you are free to take as much or as little from an IRA as you wish without penalty. Your rollover went to a traditional IRA, not a Roth IRA. Only the latter requires you to wait for five tax-years to take earnings free of taxes. You may take contributions at any time. In your case, unless you rolled from a company plan to a traditional IRA to a Roth IRA, you don't have that problem anyway. For details on IRAs, see our IRA area at http://www.fool.com/money/allaboutiras/allaboutiras.htm.